Property values are continually changing.
Over a long enough period of time, home values typically go up.
But there is always a certain amount of risk in real estate.
When your home appreciates you have more equity to borrow against, and you'll generate a bigger profit when you sell.
There are numerous reasons why property values in Gloucester shift. So, how will you know what you're purchasing right now will appreciate over time?
Choosing a REALTOR® in Gloucester who understands the factors that affect local prices is the most important part.
Many assume that the economy is the greatest factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and numerous other national determinants have a noticeable influence on your home's worth.
But the most important issues that decide your house's value are particular to the local Gloucester economy and residential market.
Access to services - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So those regions consistently appreciate, or retain their value consistently, year to year.
Recent sales - Your REALTOR® should give you data on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mix of work in an area, or does it rely upon just one industry?
All these play a role.